Press release: Reaction to the appointment of Christine Lagarde as head of the IMF

In response to the news that the IMF has selected Christine Lagarde to replace Dominique Strauss-Kahn as Managing Director of the IMF, Jesse Griffiths, Coordinator of the Bretton Woods Project has said:

“The Europeans have shamefully held onto control of the Fund in a well orchestrated stitch-up. Unfortunately, the outcome was clear long before the selection process officially started, once the Europeans decided to use their unfair over-representation at the Fund to force through their candidate.”

“There was a shocking lack of transparency to the whole process with no public interviews held and Board decisions once again made behind closed doors.”

Nick Dearden, Director of the Jubilee Debt Campaign adds:

“The nature of Lagarde;s selection shows once again how out of touch the IMF is. This further tarnishes the IMF’s legitimacy in a rapidly changing world.”

“This decision is bad news for European countries in crisis: the key architect of disastrous austerity policies in Greece is now at the helm of the Fund and she has already made clear to Greek legislators that they should listen to Northern Europe’s interests, rather than the interests of their own people. The IMF has learnt nothing from the debt crises of the past.”

For information: Jesse Griffiths + 44 (0) 7968 041 747 / jgriffiths@brettonwoodsproject.org

One thought on “Press release: Reaction to the appointment of Christine Lagarde as head of the IMF

  1. So what we all knew five weeks ago, when Lagarde was chosen by Europe, has at last been confirmed. It used to be said of the Canadian Police that “The Mounties always get their man”. In the modern world, this means that you can have whatever elections you like, for national parliaments or international organisations, but the international bankers always get the final say.

    However, Lagarde did do a quick tour of emerging countries, and the changing realpolitik of the global economy cannot be denied, even by the most powerful Western economic or political intellectuals. The US is retreating into isolationism, as seen by Obama’s plan to leave Afghanistan. The US Congress also has it’s eyes on the US’s still considerable contribution to the IMF quota system. So nobody can deny the G7 countries are sliding, while the BRIC countries and others are rising.

    This means that we should all fasten our seatbelts for interesting times ahead.

    (Thanks also for your website, which provided some small democratic input into this somewhat saccharine-sweet election process.)

    Like

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